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Behind every good decision, there’s an insight
Insights-Driven Decisions 5 MIN READ

Behind every good decision, there’s an insight

by Elizabeth Morgan
5 MIN READ

Businesses are constantly making decisions, from the real-time recommendations that fill our shopping carts and sustain market share, to strategic decisions that drive game-changing innovations and open new markets. Of course, behind every good decision, there’s a compelling insight – an insight that reveals a consumer need that could change behaviour (try something different, use something in a better way, make a change).

Depending on the speed, frequency and complexity of decisions, the insights that guide them can be either digital or human. Digital insights are powered by algorithms, so the decisions they inform can be executed in microseconds. They include, for example, a product recommendation when a shopper is filling their basket online, or a fraud detection check when they pay with a credit card.

By contrast, human insights are derived by experts who synthesize data from one or more sources to guide tactical and strategic decisions. While these are far lower in frequency than digital insights, they support high-value decisions that set the framework for double-digit growth and disruption. Tactical “cross-cutting” decisions include revenue-driving moves like updating packaging and delighting customers with new marketing campaigns.

These decisions can be executed in days and weeks, and are often repeated. Strategic decisions are the “big bet” moves like acquiring a disruptive new player, launching a new-to-company product, and repositioning a premium brand. These decisions have a huge impact and take weeks and months to execute.

Our goal is to drive tactical and strategic decision making at high quality and scale, with human insights. Why? Because we share a passion for game-changing decisions on strategy, innovation, marketing and sales, and respect the intellect and empathy that’s needed to generate compelling insights for decision quality.

Forrester calls businesses that systematically make decisions based on insights an “insights-driven business.” Deloitte calls them “insights-driven organizations,” and SAP calls them “intelligent enterprises.” In the end, they’re all describing the same effective business that leads to outstanding business performance.

Top-line benefits of the systemic use of insights drive revenue growth:

  • Firms that use insights systemically are 2.8x more likely to report double-digit year-over-year growth (Forrester)
  • Companies that integrate data and creativity have twice the growth rate of those that don’t (McKinsey)
  • 80% of success factors for innovation are insights related (Greenbook).

Bottom-line benefits when insights are systematically used save time and money:

  • 19% reduction in time spent searching and gathering insights (McKinsey)
  • 5-10% reduced marketing costs when decisions are driven by insights (McKinsey)
  • 15% budget savings when firms “know what they know” before starting new research (Market Logic).

So how can you make your insights start working for you?

McKinsey says best practices for winning decisions in “the age of urgency” are all about quality and speed. In fact, “faster decisions tend to be higher quality, suggesting that speed does not undercut the merit of a given decision.” To boost decision quality in big bet, strategic decisions McKinsey point to the “quality of interactions during decision making, by exploring alternatives, challenging initial hypotheses, and appointing a devil’s advocate to present counterarguments.”

In short, ensuring that all the relevant insights are on the table. For tactical cross-cutting decisions, they see the need to break down silos for effective coordination among stakeholders.

Market Logic works hard to support decision speed and quality inside world-leading brands.

We serve the need for speed with self-service market insights platforms, so people can access all the insights they need for fast decisions. On these centralized platforms, silos are also blown away, so decision-makers can learn from each other’s experiences, across segments, product lines, markets and brands.

For quality, we equip insights experts to present expert-curated guidance with a holistic view of the facts. Epic stories on strategic topics are curated, updated and promoted to target stakeholders to promote the big picture with a context.

In combination, the goal is to make sure insights reach every decision, with storytelling context and targeted guidance to drive quality.

 

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